Editing Syrian pound (section)

== History ==
=== French mandate ===
{{main|Lebanese-Syrian pound}}
[[File:50-Livres-back-Syria-July1920 (2).jpg|50 Syrian pound banknote of 1920|left|thumb]]
During the period when Syria was a part of the [[Ottoman Empire]], which lasted about 400 years, the [[Ottoman lira|Ottoman pound]] was its main currency. Following the fall of the Ottoman Empire and the placing of Syria under a [[French Mandate of Syria|mandate]] (French occupation), the [[Egyptian pound]] was used in the territories under French and British mandates, including [[Lebanon]], [[Emirate of Transjordan|Transjordan]] and [[Mandatory Palestine|Palestine]]. Upon taking Lebanon and Syria under its separate mandate, the French government sought to replace the Egyptian currency and granted a commercial bank, the [[Banque de Syrie]] (a French affiliate of the [[Ottoman Bank]]), the authority to issue a currency for territories under its new mandate.

The pound (or {{lang|fr|livre}} in French) was introduced in 1919 and was set at a value of 20&nbsp;[[French franc|francs]].<ref name="latimes">{{cite web |url=https://www.latimes.com/world-nation/story/2019-11-29/syria-latest-financial-crisis |title=Syria (barely) survived a civil war. Can it weather the latest financial crisis?|website=Los Angeles Times|date=29 November 2019}}</ref> As the political status of Lebanon evolved, the Banque de Syrie, which was to act as the official bank for Lebanon and Syria, was renamed the [[Banque de Syrie et du Grand-Liban]] (BSL). BSL issued the Syro-Lebanese pound for 15 years, starting in 1924. Two years before the expiration of the 15-year period, BSL split the Lebanese-Syrian currency into two separate currencies that could still be used interchangeably in either state. In 1939, the bank was renamed the [[Banque de Syrie et du Liban]].

In 1941, the peg to the French franc was replaced by a peg to [[Pound Sterling|sterling]] of LS&nbsp;8.83125 = £1, as a consequence of the occupation of Syria by British and [[Free French]] forces. This rate was based on the pre-war conversion rate between the franc and sterling. In 1946, following devaluation of the franc, the pound was pegged once again to the franc at a rate of LS&nbsp;1 = 54.35&nbsp;F. In 1947, Syria joined the [[International Monetary Fund]] (IMF) and pegged its currency to the [[U.S. dollar]] at LS&nbsp;2.19148 = US$1, a rate which was maintained until 1961.

===Independence===
The Lebanese and Syrian currencies split in 1948. From 1961, a series of official exchange rates were in operation, alongside a parallel, black market rate which reflected the true market rate for Syrian pounds in Jordan and Lebanon where there was a healthy trade in the Syrian currency. The market was allowed to flourish because everybody, including government and public sector companies, needed it. The black market rate diverged dramatically from the official rate in the 1980s.<ref>[http://www.euromoney.com/Article/1451566/Syria-The-businessman-cant-play-his-hand.html Syria: The businessman can't play his hand] Euromoney May 1986.</ref> In July 2007, the currency was pegged to the IMF SDR ([[Special Drawing Rights]]).<ref name="xdr-peg">{{Cite news|url=https://www.theglobeandmail.com/report-on-business/syria-ends-pounds-peg-to-us-dollar/article17996698/?ref=http://www.theglobeandmail.com&|title=Syria ends pound's peg to U.S. dollar|newspaper=The Globe and Mail|date=5 June 2007}}</ref>

=== Syrian Civil War ===
[[File:Monthly Averages of Official USD-SYP Exchange Rates.jpg|Monthly averages of Official USD:SYP Exchange rate from January 2011 to July 2016|right|thumb]]

There was a [[capital flight]] to nearby countries, including [[Lebanon]], [[Jordan]], [[Egypt]] and [[Turkey]], as a result of the [[Syrian Civil War]] that started in 2011. In addition, Syria has been subject to sanctions imposed by the [[United States]], the [[European Union]] and other countries, which shut Syria out of the global financial system. To circumvent the sanctions, Syrians effected foreign transactions through banks in neighbouring countries, especially Lebanon.<ref name= reuters29niv19>{{cite web|url=https://www.reuters.com/article/us-syria-economy-lebanon/lebanon-crisis-wreaks-havoc-on-syrias-war-torn-economy-idUSKBN1Y31I7|title=Lebanon crisis wreaks havoc on Syria's war-torn economy|website=Reuters|date=29 November 2019}}</ref> As a result, the official exchange rate has deteriorated significantly, falling from LS&nbsp;47 = US$1 in March 2011<ref>{{cite web |url= http://www.banquecentrale.gov.sy/forex/forex-ar/FX-2011.xls|script-title=ar:أرشيف أسعار العملات الأجنبية عام 2011|year= 2011|publisher= [[Central Bank of Syria]]|access-date= 27 September 2016| format =XLS|language=Arabic}}</ref> to LS&nbsp;515 = US$1 in July 2017 and 7500 = US$1 in April 2023 (after the [[Lebanese liquidity crisis]])

On 31 October 2019, Syrian President [[Bashar al-Assad]] mentioned in an interview that liberating territories had complex economic consequences. While it removed foreign-funded support for terrorists, it also cut off dollar inflows that stabilize local economies:
{{blockquote|text=One factor which people are not aware of, is that the liberation of an area does not necessarily serve the Syrian pound, because by liberating an area, we are removing its access to dollars which were paid to the terrorists to cover their needs and expenses. This is one of the tools we benefited from. I mean that things are not absolute, and we cannot say that terrorists were serving us in this regard. Not every positive step has a positive impact. That is why I am saying that the issue is complicated.|source=Bashar Al-Assad<ref>{{cite news|url=https://sana.sy/en/?p=177331|title=President al-Assad's interview given to al-Sourya and al-Ikhbarya TVs|newspaper=Syrian Arab News Agency|date=31 October 2019}}</ref>}}

Following the [[fall of the Assad regime]] at the end of 2024, [[Ahmed al-Sharaa]], president of the [[Syrian caretaker government|Syrian transitional government]], stated that he intends to replace the Syrian pound with a new currency once it re-stabilizes.<ref>{{Cite web |title=أحمد الشرع يحدد أبرز أولوياته الداخلية في سوريا.. ومن بينها قرارات اقتصادية |url=https://www.cnbcarabia.com/131984/2024/19/12/%D8%A3%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B4%D8%B1%D8%B9-%D9%8A%D8%AD%D8%AF%D8%AF-%D8%A3%D8%A8%D8%B1%D8%B2-%D8%A3%D9%88%D9%84%D9%88%D9%8A%D8%A7%D8%AA%D9%87-%D8%A7%D9%84%D8%AF%D8%A7%D8%AE%D9%84%D9%8A%D8%A9-%D9%81%D9%8A-%D8%B3%D9%88%D8%B1%D9%8A%D8%A7..-%D9%88%D9%85%D9%86-%D8%A8%D9%8A%D9%86%D9%87%D8%A7-%D9%82%D8%B1%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9 |access-date=31 January 2025 |website=CNBC Arabia |language=ar}}</ref>

===Exchange rate===
On 5 December 2005, the selling rate quoted by the [[Commercial Bank of Syria]] was LS&nbsp;48.4 = US$1.{{citation needed|date=August 2022}} A rate of about LS&nbsp;50 to US$1 was usual in the early 2000s,{{citation needed|date=August 2022}} but the rate is subject to fluctuations. Since the start of the [[Syrian Civil War|civil war]] in 2011, the pound's unofficial exchange rate has deteriorated significantly. It was LS&nbsp;47 = US$1 in March 2011 and LS&nbsp;515 in July 2017.{{citation needed|date=August 2022}} Since July 2007, the Syrian pound has been pegged to the IMF SDR ([[Special Drawing Rights]]).<ref name="xdr-peg" />

On 29 November 2019, following the [[2019–20 Lebanese protests|Lebanese protests]],  the black market rate was LS&nbsp;765 = US$1, a decrease of 30% since the turmoil started in Lebanon a month earlier, as the protests led Lebanese banks to impose tight controls on hard currency withdrawals and transfers abroad, making it hard for Syrians to access funds held by them in those banks.<ref name="latimes"/><ref name= reuters29niv19/>

The black-market rate fell to LS&nbsp;950 on 2 December 2019, another 25% decrease,<ref name=reuters2Dec19>{{cite web|url=https://www.reuters.com/article/syria-economy-pound/syrian-pound-hits-record-low-in-panic-selling-dealers-say-idUSL8N28C3PQ|title=Syrian pound hits record low in panic selling, dealers say|website=Reuters|date=2 December 2019}}</ref> while the official rate set by the central bank was LS&nbsp;434 = US$1.

On 13 January 2020, the currency deteriorated further, as more than LS&nbsp;1,000 was traded for US$1 in the black market, despite being valued at LS&nbsp;434 = US$1 by the Syrian Central Bank.<ref>{{cite web |url=https://aawsat.com/english/home/article/2080031/syrian-pound-hits-record-low-1000-against-dollar|title=Syrian Pound Hits Record Low of 1,000 against the Dollar |website=Asharq Al-Awsat|date=13 January 2020}}</ref> During the [[COVID-19 pandemic in Syria]], the Syrian pound continued to fall against the U.S. dollar in the black market, where US$1 equaled more than LS&nbsp;1,600 in May 2020.<ref>{{cite web|url=http://www.xinhuanet.com/english/2020-05/17/c_139064599.htm|archive-url=https://web.archive.org/web/20200531001542/http://www.xinhuanet.com/english/2020-05/17/c_139064599.htm|url-status=dead|archive-date=May 31, 2020|title=Syrian pound continues to devaluate against USD|website=Xinhuanet|date=17 May 2020}}</ref> A month later, the Syrian pound passed LS&nbsp;2,000 against the dollar,<ref>{{cite web |url=https://syriadirect.org/news/syrian-pound-passes-2000-against-dollar-as-reforms-fail-to-stop-freefall/|title=Syrian pound passes 2000 against dollar as new policies fail to stop freefall|website=Syria direct|date=3 June 2020}}</ref><ref>{{cite news |title=Syrian pound hits record low against dollar in panic trading, dealers say|url=https://uk.reuters.com/article/us-syria-security-economy-currency/syrian-pound-hits-record-low-against-dollar-in-panic-trading-dealers-say-idUKKBN23B38P|archive-url=https://web.archive.org/web/20200604234404/https://uk.reuters.com/article/us-syria-security-economy-currency/syrian-pound-hits-record-low-against-dollar-in-panic-trading-dealers-say-idUKKBN23B38P|url-status=dead|archive-date=June 4, 2020|publisher=[[Reuters]]|date=4 June 2020|access-date=4 June 2020}}</ref> and a few days later, it passed LS&nbsp;3,000 against the dollar.<ref>{{cite web |url=https://www.reuters.com/article/us-syria-economy-currency/syrian-pound-hits-record-low-ahead-of-new-u-s-sanctions-dealers-idUSKBN23F2YL|title=Syrian pound hits record low ahead of new U.S. sanctions: dealers|website=Reuters|date=9 June 2020}}</ref>

Upon the implementation of the U.S. sanctions related to the [[Caesar Act]], anti-government local authorities in [[Idlib Governorate]] adopted the [[Turkish lira]] in place of the plummeting Syrian pound.<ref>{{cite web |url=https://www.france24.com/en/20200615-syria-s-idlib-adopts-turkish-lira-in-place-of-plummeting-pound|title=Syria's Idlib adopts Turkish lira in place of plummeting pound|website=France 24|date=15 June 2020}}</ref> Turkish lira has also replaced Syrian pound in other [[Turkish occupation of northern Syria|Turkish occupied areas of northern Syria]], such as [[Afrin, Syria|Afrin]] and [[Jarabulus|Jarablus]].<ref>{{Cite news|last=Ashawi|first=Khalil|date=2018-08-28|title=Falling lira hits Syrian enclave backed by Turkey|language=en|work=Reuters|url=https://www.reuters.com/article/us-mideast-crisis-syria-turkey-currency-idUSKCN1LD195|access-date=2021-08-19}}</ref>

On 31 December 2022, the Syrian pound hit a new record low again on the black market, where each US$1 cost LS 7,150, twice as much as a year before.<ref>{{Cite web |last=al-Issa |first=Jana |date=2023-01-06 |title=Syrian pound declined 100% in 2022 |url=https://english.enabbaladi.net/archives/2023/01/syrian-pound-declined-100-in-2022/ |archive-url=https://web.archive.org/web/20230115032228/https://english.enabbaladi.net/archives/2023/01/syrian-pound-declined-100-in-2022/ |archive-date=2023-01-15 |access-date=2023-01-15 |website=Enab Baladi |language=en-US}}</ref> In 2023, the exchange rate continued deterioration, reaching LS 15,000 per US$1.<ref>{{cite web |url=https://syrianobserver.com/syrian-actors/dollar-approaching-15000-syrian-pounds.html |title=Dollar Approaching 15,000 Syrian Pounds |publisher=The Syrian Observer |date=16 August 2023 }}</ref>

During the [[2024 Syrian opposition offensives]], the exchange rate fell to a record low of LS 25,000 per US$1.<ref>{{cite web |url=https://english.enabbaladi.net/archives/2024/12/syrian-pound-rebounds-against-dollar/ |title=Syrian pound rebounds against dollar |publisher=Enab Baladi |date=13 December 2024 }}</ref> After the [[fall of the Assad regime]], the currency was traded between LS 12,500 and 10,000 per US$1.<ref>{{cite web |url=https://www.reuters.com/markets/currencies/syrian-currency-firms-against-us-dollar-after-assads-fall-2024-12-14/ |title=Syrian currency firms against US dollar after Assad's fall |publisher=Reuters |date=14 December 2024 }}</ref>